Question

Arvind deposited a sum of money with a bank on 1st january,2012 at 8% simple interest per annum. He received an amount RS. 3.144 on 7th August,2012. ​

Answer 1

The formula required to solve the problem:

• Simple Interest = $\frac{P\:*\:R\:*\:T}{100}$

• Amount = Principal + Interest

Given:

Arvind deposited the sum of money with the bank on 1st January 2012  

The rate of interest, R = 8% p.a.

The amount received by Arvind on 7th August 2012 = Rs. 3144

To find:

The sum of money deposited by Arvind with the bank

Solution:

As given in the question that the sum was deposited on 1st January 2012 and the amount was received on 7th August 2012, therefore the time for which the sum was deposited, will be given by

$= \frac{31\:+\:29\:+\:31\:+\:30\:+\:31\:+\:30\:+\:31\:+\:6\:}{366} \\= \frac{219}{366}$

Let “P” be the sum of money deposited by Arvind.

Now, combining both the formula of simple interest and substituting the given values, we get

Amount – Principal = $\frac{P\: *\:R\: *\:T}{100}$

⇒ $3144 - P$ = $\frac{P\:*\:8\:*\:\frac{219}{366} }{100}$

⇒ $3144 - P = \frac{P\:*\:8\:*\:0.598}{100}$

⇒ 314400 – 100P = 4.784P

⇒ 314400 = 100P + 4.789P

⇒ 104.784P = 314400

⇒ P = $\frac{314400}{104.784}$

⇒ P = Rs. 3000.45 which is approximately Rs. 3000

Thus, the money he deposited with the bank was Rs. 3000.

--------------------------------------------------------------------------------------

Also View:

A man took a loan of rs 6 lakh from his friend a the simple interest rate of 9% per annum. at the end of 3years he cleared his debt by paying rs 3 lakh and giving his flat to his friend. hat was the price o the flat?

https://brainly.in/question/1940739

Ramesh borrowed from Suresh certain sum for 2 years at simple interest ,and lent the sum to Dinesh at the same rate for 2 years compound interest . at the end of 2 years Ramesh received 110 as compound interest from dinesh but paid 100 as simple interest to Suresh. find the sum and the rate of interest.

https://brainly.in/question/14720730

What will a loan of ₹15000 amount to in 3 years if compounded annually at rate of 10% p.a.?

https://brainly.in/question/2335077